Chennai-based real estate firm G Square Realtors has strongly denied allegations of a ₹3.50 crore cash seizure during the recent Income Tax (I-T) department searches at its offices. The company’s Managing Director, Bala Ramajeyam, clarified that the searches were part of a routine verification process to ensure tax compliance and financial transparency.
Income Tax Raids Across Tamil Nadu
The I-T department conducted search operations on April 24, 2023, at multiple locations of G Square Realtors in Chennai, Coimbatore, and Tiruchirappalli as part of an investigation into suspected tax irregularities.
Speaking on the matter, Bala stated,
"For the past week, we have fully cooperated with the Income Tax officials. We have submitted all necessary documents related to our business transactions and have provided complete clarity on the sources of income for our completed and ongoing projects."
Clarification on Financial Status & Political Links
G Square Realtors also dismissed claims about its net worth being ₹38,000 crore, calling such statements false and misleading. The company further denied any political affiliations, emphasizing that it operates independently and is not linked to any political party or its members.
Additionally, the company highlighted that similar I-T inspections have been conducted on various real estate firms across India, reinforcing the idea that such searches are standard regulatory procedures rather than targeted actions.
Awaiting Official I-T Department Statement
As of now, the Income Tax Department has not released an official statement on its findings. The real estate industry, investors, and the general public are closely monitoring developments, awaiting further clarifications from the authorities.
Commitment to Transparency & Compliance
G Square Realtors has reassured its stakeholders and customers of its commitment to transparency, ethical business practices, and full compliance with taxation laws. The company remains confident that the ongoing investigation will validate its operations and dispel any unfounded allegations.
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